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OPEC raises price of Oil for first time in 8 years
09-28-2016, 04:22 PM
If you needed any more proof the low oil price was an Obama/Neocon manipulation against Venezuela, Russia and Iran, look no further.
Oil going up is great news for a number of reasons. One is it will make shale and other non-Saudi oil more profitable leading to jobs in US, Canada and elsewhere. Second it will benefit the Russian economy from its oil and natural gas reserves which will lessen the impact of sanctions.
OPEC is basically getting with the times and saying fukk you to Obama.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 04:25 PM
It doesn't make sense why the Sauds flooded the oil market. They're tettering on a precarious financial situation, let alone they're ripe for a revolution of their own.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 04:47 PM
I'd love to see higher oil prices, $80+ would be great but I"m not so sure this OPEC move will do it, if Trump gets elected and starts bombing ISIS controlled refineries, that could see oil prices spike.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 05:13 PM
Saving up to pay those 9/11 claims
WIA
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 05:22 PM
I've heard it said that oil prices were dropped to punish Russia. How does that tally today?
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 05:31 PM
Won't have much on an effect, I don't see oil running past $55. Sure it's a million barrels, but there is already such a heavy supply glut. Either way, made a fucking killing on the spike.
"Money over bitches, nigga stick to the script." - Jay-Z
They gonna love me for my ambition.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 06:18 PM
Rising gas prices signal to low information voters that the economy isn't good. A bad economy favors the party not currently in the White House. I'll take it.
"Nothing comes easier than madness in the world today
Mass paranoia is a mode not a malady"
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 06:33 PM
Does OPEC really have that much oil? Plus war is expensive, and Yemen does not seem to be going away just yet.
A Trump presidency, a cold NA and European winter and a crippled middle east and I hope to see oil at $65 by spring 2017.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 06:59 PM
Quote: (09-28-2016 05:10 PM)Foolsgo1d Wrote:
Quote: (09-28-2016 04:25 PM)The Beast1 Wrote:
It doesn't make sense why the Sauds flooded the oil market. They're tettering on a precarious financial situation, let alone they're ripe for a revolution of their own.
Russia and Iran will suffer and suffer they did. The only problem Saudis have is they are stupid enough to cut off their nose to try and spite someone else.
Russia, Iran, but also US fracking. US big oil doesn't mind though, they will be able to snap up small operators going belly up.
“Nothing is more useful than to look upon the world as it really is.”
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 07:01 PM
I work in Oil & gas. The people in this thread that think low oil prices were somehow fortuitous to the Obama presidency are actively making the forum dumber. Please don't speak on subjects you are clearly ignorant on in order to try to wring some political points no one cares about.
Shale/upstream oil & gas was 10 years ago a very promising business in North America. For the first time in decades the US was entirely self-reliant on oil, mostly because the high oil prices made labor intensive production such as oil sands and shale profitable.
Over six figures in numbers of employees from the industry has since then lost or left their jobs. It has even been covered in the boomtown threads on this forum.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 07:13 PM
The only countries that were making huge money on extraction during this downturn were the Saudis. It costs fuck all money to get a barrel out of the ground there, but here in Alberta it's closer to $40-50 a barrel.
They didn't need to cut production, and I am fairly certain it's lip service and nothing more. Afterall, OPEC is comprised of the most honest, trustworthy, and transparent countries in the world.
"Money over bitches, nigga stick to the script." - Jay-Z
They gonna love me for my ambition.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 08:49 PM
I think the Liberal/NDP governments have made it as hard as possible for Alberta to succeed, and the self loathing from our provincial government is sickening. I'm glad I'm sitting behind a computer trading the commodity instead of a roughneck, I really feel for everyone and have seen way too many friends laid off.
There is no fucking reason we should be importing from other countries, but there's no reason we should be making billions in transfer payments to our friends in Quebec either.
"Money over bitches, nigga stick to the script." - Jay-Z
They gonna love me for my ambition.
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OPEC raises price of Oil for first time in 8 years
09-28-2016, 10:03 PM
Fracking will probably provide a medium to long term cap to how high it can go.
Keep in mind, the USA is way ahead of the rest of the world on fracking. That doesn't mean the rest doesn't want to catch up.
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OPEC raises price of Oil for first time in 8 years
09-29-2016, 12:12 AM
Someone tell me how paying higher prices at the pump is good for me.
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OPEC raises price of Oil for first time in 8 years
09-29-2016, 12:18 AM
It's not. But I guess it's good for Putin, so... yay?
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OPEC raises price of Oil for first time in 8 years
09-29-2016, 12:40 AM
Regarding the challenges on transporting gas/oil intra-NA I can relate some personal experiences.
Few people realize how instrumental the oil industry was in keeping the US afloat after the Lehman crash. There was no immediate crash on the oil market following the crisis and the only dip that could be tied to it was fully recovered by 2008. So here we have one of the few working industries being stable post-credit crunch and providing a lot of job opportunities for those losing their place at the time.
Meanwhile I was let in on the plans for the Constitution pipeline as early as 2007 as our company consulted on the control/valve/level gauging end. We're ready to spring on this but have to sit on our hands for years while protesters are dragging the construction through courts and committees. I swear that these protesters would have been the most effective foreign agents in terms of what they achieved in pure economic damage but tragically enough they are just pure American hippies and soccer moms with too much time on their hands. By 2013 we estimated that the pipeline would have saved as much as $4.5/barrel in extraction. If any other industry could have produced that kind of saving in raw production they would have been up for a Nobel prize. Still this never came to be, the original plans had to be scrapped that by the time the pipeline was finally cleared for construction the drawn up tech specs were so old they now have to be completely remade further decreasing the profitability.
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OPEC raises price of Oil for first time in 8 years
09-29-2016, 01:38 AM
"That's a rather self-centered view. While you might be mildly inconvenienced at the pump to pay $.25 extra per gallon it makes a world of difference that the oil price is higher for the overall US economy. Especially with it being such a security factor. You went to several wars in the middle east to protect these kind of assets."
I've always found the security argument unconvincing. The oil assets in the US aren't going anywhere. We're actually more secure when our wells our capped and nobody's mining them, because that means the oil is sitting down there for when we really need it.